Goldman Sachs Expands into Venture Capital with Industry Ventures Acquisition

Goldman Sachs has announced an agreement to acquire Industry Ventures, a San Francisco-based venture capital firm managing $7 billion in assets. The deal, valued at up to $965 million, includes an initial payment of $665 million in cash and equity, with an additional $300 million contingent on Industry Ventures' performance through 2030. This acquisition aims to enhance Goldman's presence in the venture capital sector, providing clients with broader access to high-growth technology companies.

Founded in 2000, Industry Ventures has established itself as a leading venture capital platform, investing across all stages of the venture capital lifecycle. The firm has made over 1,000 secondary and primary investments since its inception and manages assets totaling $7 billion. Industry Ventures is recognized for pioneering venture secondary investing and early-stage hybrid funds, areas that have expanded as companies remain private longer and investors seek new forms of liquidity.

All 45 employees of Industry Ventures, including CEO Hans Swildens and senior managing directors Justin Burden and Roland Reynolds, will join Goldman Sachs. Swildens and the senior managing directors will be appointed partners within Goldman Sachs Asset Management.

This acquisition is part of Goldman Sachs' broader strategy to enhance its presence in the venture capital sector and expand its $540 billion alternatives investment platform. By integrating Industry Ventures' expertise, Goldman Sachs aims to provide clients with broader access to high-growth technology companies and strengthen its capabilities in venture secondary investing and early-stage hybrid funds.

David Solomon, Chairman and CEO of Goldman Sachs, stated:

"Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new ... ."

Hans Swildens, Founder and CEO of Industry Ventures, commented:

"By combining the global resources of Goldman Sachs with the venture capital expertise of Industry Ventures, we are uniquely positioned to serve the increasingly complex needs of entrepreneurs, private technology companies, limited partners, and venture fund managers—while fueling the continued growth of this critical economic engine."

The acquisition reflects a broader trend of consolidation within the private equity and venture capital sectors, as large financial institutions seek to enhance their capabilities and access to high-growth technology investments. Goldman Sachs' move positions it to compete more effectively with rivals like JPMorgan Chase and Morgan Stanley, who have also been expanding their alternatives offerings.

In the third quarter of 2025, Goldman Sachs reported a profit of $4.1 billion, or $12.25 per share, surpassing Wall Street expectations. This performance was driven by a strong rebound in dealmaking and asset management revenues, with investment banking fees surging 42% to $2.66 billion.

The acquisition underscores the growing importance of venture capital and private equity in driving innovation and economic growth, particularly in the technology sector. By expanding its capabilities in these areas, Goldman Sachs aims to support the development of high-growth companies and provide investors with access to new opportunities in private markets.

Goldman Sachs' acquisition of Industry Ventures represents a strategic expansion into the venture capital sector, enhancing its alternatives investment platform and positioning the firm to better serve clients seeking exposure to high-growth technology companies. This move reflects broader industry trends of consolidation and the increasing significance of private market investments in driving innovation and economic growth.